Market Need Analysis - Lesson 1: Market Research

The specific group of individuals within the larger market that will be studied.

The chosen timeframe for gathering data and insights from the target market.

The physical location(s) where data collection will take place to gather information from the target market.

The methods and techniques used to collect information from the target market (e.g., surveys, interviews, observations).

The initial two questions - 'WHAT' and 'WHY' - are crucial and should be addressed first when planning a market research project.

A type of market research focusing on predicting the success of an advertisement for an existing or similar product or service.

A research method that analyzes how people look at advertisements, often using eye-tracking technology, to understand their visual behavior and preferences.

Collecting feedback from customers who have already purchased a product (or a similar one) to evaluate their satisfaction level.

An analysis process that examines how distributors or retailers purchase and stock a specific product.

Using online platforms like chats, forums, and blogs to gather honest feedback and reviews about a product and its performance.

The process of gathering, analyzing, and interpreting information about a target market to identify opportunities, understand customer needs, and make informed business decisions.

It helps businesses understand the market demand for their products or services, identify competitors, and make informed decisions about pricing, marketing, and product development.

A group of people who are interested in purchasing a particular product or service.

An in-depth review of current economic conditions, such as inflation, unemployment, and consumer spending, to understand the overall health of the market.

An analysis of how consumer preferences and buying habits are changing over time, which helps businesses identify new trends and adapt their products.

A detailed analysis of the target audience, including their demographics, psychographics, and buying behavior, to understand their needs, preferences, and motivations.

Market research helps entrepreneurs gauge the potential demand for their products or services before investing significant resources.

Market research can provide valuable information about the competitive landscape, such as competitor analysis, pricing strategies, and marketing tactics.